re: Does anyone here know anything about unemployment for the self employed?

You should also file for a PPP loan as self-employed. I believe you can get up to a $10k loan but I'm not well versed on that aspect of the loan as we are an S Corp and W-2.

If you apply for the EIDL online SBA Disaster Loan Site you can apply for a grant of up to $10000. Fill out the banking information at the end of the application for the grant. The grant does NOT have to be paid back and you can receive it whether you receive an EIDL loan or not.

The PPP loan is applied for through your bank. The big banks are bogged down. If you'd like send me an email at bill@ccillcva.com and I can refer you to a small bank in Texas that will help with your PPP loan.

The PPP loan is 2.5 times payroll plus health insurnance and retirement benefits paid. This loan can be 100% forgiven if the money is used for the proper purposes and the use of the funds is properly documented. If a portion of the loan is not forgiven the interest rate is 1% with a 2 year term. The first 6 months of payments are deferred but interest continues to accrue. I've seen reports that the SBA covers the first 6 months of principle and interest payments but I do not know that to be gospel.

Thank you for the clarification.

So can you use this grant money for personal use until a new job is found or until work begins with my company again, or is this money that should be used to keep your business afloat?

Because my LLC is just used for me to do my work services so it does not cost anything to run the business. But I now do not have any form of personal income coming in for my personal bills, gas, groceries, etc and I do not want to have to start draining my savings.

there is also a solo401k loan if you have this QRP.

Solo 401(k) Plan Loans


Increased 401(k) plan loan from $50,000 to $100,000 –
Need access to a 401(k) plan with a loan option
No requirement to limit the loan to 50% of account balance
Need to show any of the following:
an individual who is diagnosed with SRS-COV-2 or COVID-19 by a test approved by the CDC
whose spouse or dependent is diagnosed with one of the two diseases
a participant or business owner who experiences adverse financial consequences as a result of being quarantined, furloughed, having reduced hours or cannot work due to unavailability of child care
Existing 401(k) plan loan payments due 3/25/20 to 12/31/20 delayed one year

I received the application from my bank for the PPP loan. I file as an S-Corp, only myself as an employee. The loan amount is determined by my gross from my 1099 or what I show what my salary is for my taxes? If it’s the latter, I might be better off just getting unemployment.